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<br /> <br />MANAGER'S REPORT (continued) - 2001 <br /> <br /> <br />I want to close by saying that I have appreciated and enjoyed this past <br />year in my new role as manager. The North Poudre Irrigation Company <br />organization has a great deal of class as demonstrated by the employees, <br />Board members and stockholders. I look forward to this next year and <br />meeting even more of you. <br /> <br />Year <br /> <br />Assmt. <br /> <br />Ac.FtlShare <br />delivered <br /> <br />4.31 <br />5.65 <br />4.03 <br />4.80 <br />4.25 <br />4.48 <br />4.12 <br />4.11 <br />4.97 <br />5.16 <br />3.90 <br />5.20 <br />4.62 <br />4.63 <br />4.01 <br />4.56 <br />3.98 <br /> <br />Cost per <br />Ac.Ft. <br /> <br />23.20 <br />13.27 <br />18.61 <br />15.63 <br />17.65 <br />16.74 <br />18.20 <br />18.25 <br />15.09 <br />14.53 <br />19.23 <br />14.42 <br />18.40 <br />18.36 <br />21.20 <br />10.96 <br />15.08 <br /> <br />Stephen R. Smith <br />Manager <br /> <br />1985 <br />1986 <br />1987 <br />1988 <br />1989 <br />1990 <br />1991 <br />1992 <br />1993 <br />1994 <br />1995 <br />1996 <br />1997 <br />1998 <br />1999 <br />2000 <br />2001 <br /> <br />100.00 <br />75.00 <br />75.00 <br />75.00 <br />75.00 <br />75.00 <br />75.00 <br />75.00 <br />75.00 <br />75.00 <br />75.00 <br />75.00 <br />85.00 <br />85.00 <br />85.00 <br />50.00 <br />60.00 <br /> <br /> <br />$ 8.00 for Water Assessement <br />33.00 for CWCS loan retirement <br />44.00 for Operation and maintenance <br />$ 85.00 <br /> <br />$ 51.00 per share due and payable April 1, 2002, interest at 1-1/2% <br />per month charged after May 1, 2002. <br /> <br />$ 34.00 per share due and payable October 1, 2002, interest at <br />1-1/2% per month charged after November 1, 2002. <br /> <br />No water will be delivered on delinquent accounts. <br /> <br />All pump permitees will be required to have 5 acre feet of water in their <br />accounts at the start of the water season. <br /> <br />Total assessments of $85.00 per share are due April 1, 2002 on five <br />shares or less. <br /> <br />4 <br /> <br />5 <br />